»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp transferee is accountable, IHTA84/S216 (1)(bb). This is because the person who receives the gift is liable for any tax on a PET that proves to be a chargeable transfer. In strictness, the transferee is required to specify all appropriate property (IHTM10802) received and the value of that property. »Ê¹ÚÌåÓýapp account to be used is the IHT 100a. »Ê¹ÚÌåÓýapp time limit for delivering the account is 12 months from the end of the month in which the transferor’s death occurred, IHTA84/S216 (6)(aa).

For deaths on or after 9 March 1999, the deceased’s personal representatives must also include any gifts made by the deceased within 7 years of death in the IHT 400, FA99/S105 (1). This means that in most cases you will already have information about PETs made by the deceased and in practice you will only need to ask a transferee for an IHT 100a in exceptional circumstances.

Different rules (IHTM10831) apply if the transfer resulted from the termination of a qualifying interest in possession.